Barclays Bank Launches the Timiza App, Customers Set For Instant Micro-Loans

Barclays Bank of Kenya has launched its new mobile app, Timiza, which will see their customers have access instant micro-loans from the comfort of their phones.

According to the lender, the app is set to revolutionize the financial sector in the country by allowing customers to have access to up to 150,000 shillings payable within 30 days.

GREAT NEWS: The Timiza app will enable the user to access loans of up to Sh. 150,000 [Subject to your Credit rate]. These loans will payable within 30 days. #TimizaKE

— Barclays Bank Kenya (@Barclays_Kenya) March 16, 2018

“By understanding our customers’ needs, we can effectively work towards ensuring that all their financial needs are met,” said Jeremy Awori, the Chief Executive Officer at Barclays Bank of Kenya.

The app will heavily favor customers whose MPESA credit history is good. Those with higher transaction rates will receive higher loan limits.

“The higher your transaction rate, the higher the loan limit you receive,” read a statement from the bank.

Apart from having access to instant micro-loans, customers will also be able to access all banking services including paying for services and bills through the app with the aim being “to solve problems encountered with traditional banking.”

The new app is currently available to Safaricom MPESA users and can be downloaded from Google Play store according to the bank.

“With TIMIZA all you have to do is register to view your loan limit and you can get a loan within minutes of registering,” says the bank.

Some key facts about the Timiza App

• It is available and can be downloaded from the App Google PlayStore
• The app can be accessed through USSD *848#
• The app enables one to pay utility bills, deposit money as well as save
• One can also purchase insurance, [personal accident up to 150,000 shillings and funeral cover up to 100,000 shillings] for as little as 42 shillings per month.

What the fourth point above simply means is the Barclays Bank of Kenya gives you a loan through the Timiza App and also covers you with an insurance.

“We have set up dedicated SME banking platform to suit the needs of entrepreneurs who aren’t in retail or corporate banking,” said Jeremy Awori.

According to Jeremy Awori, Barclays Bank will be rolling out the Timiza App across other African markets in partnership with different players including telcos.